HTC to cut jobs and release less phones to stymie losses

One-time Taiwanese smartphone giant HTC has said this weekend that there will be job cuts in the future for the company as it tries to stymie falling profits.

In addition, the smartphone maker will release less models in the future, instead returning to just high-end models that it hopes can compete against Apple and Samsung. High-end models also come with much higher margins.

"The cuts will be across the board," Chief Financial Officer Chialin Chang said. "They will be significant." The cuts are expected to be made in the Q3, Q4 2015 and Q1 2016.

As recently as 2011, HTC had over 10 percent of global smartphone shipments but has since fallen out of favor as Samsung and Apple control the high-end and Chinese OEMs control the low end. The company now has less than 3 percent of global shipments.